How can I buy a house with zero down payment?

March 20, 2009 · 18 comments

0 down payment for mortgage

Lately, I’ve been getting some inquiries regarding the option of buying a house with no down payment.  In reality, there are no more ‘zero down’ mortgage programs available.  However, there is a program that exists that is very similar and that can help you purchase a property with no money as a down payment.

It’s called a free down payment mortgage, and essentially the bank offers to pay your 5% down payment on your behalf when you qualify for a 5 or 7 fixed year mortgage.  What will you need to qualify?

  1. An employment record of at least 1 year at your current job
  2. A credit score of at least 640

The current rate for a 5 year fixed zero down payment mortgage is 5.50%.

If you’d like more information on this program or would like to apply for a pre-approval, you’re welcome to contact me here.

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